DOTr expects to seal loan deal for 3 railway projects by Q1 2023
DOTr expects to seal loan deal for 3 railway projects by Q1 2023
The government hopes to seal a loan agreement with China for three flagship railway projects amounting to P276 billion by the first quarter of next year.
Transportation Secretary Jaime J. Bautista said Chinese Ambassador Huang Xilian agreed to restart loan negotiations for PNR South Long-Haul Project, Subic-Clark Railway and Mindanao Railway Project.
“We have already worked on the technical aspects of the project. It’s just a matter of getting a contractor and finalizing the contract with them,” he said.
The three PNR rail projects are the among biggest components of the Duterte administration’s “Build, Build, Build” program, along with the Metro Manila Subway Project funded by Japan and the Malolos-Clark Railway and South Commuter Railway financed by the Asian Development Bank.
The 565-kilometer PNR South Long Haul is one of the biggest projects in the Duterte administration’s Build Build Build infrastructure program. It aims to reduce travel time from Manila to Sorsogon from 12 hours to as little as four hours.
Meanwhile, the P83 billion Mindanao Railway Project comprising the Tagum-Davao-Digos will cut travel time from Tagum City, Davao del Norte to Digos City, Davao del Sur from 3.5 hours to 1.3 hours.
The P51-billion Subic-Clark Railway Project will provide high-capacity freight service to support the existing industrial areas along the Subic-Clark corridor by serving as the link to the airport at Clark Freeport Zone and the seaport at the Subic Bay Freeport Zone.
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